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Week 4 Intro to Marketing
Introduction to Marketing (MKTG 400 )
Kansas State University
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Tuesday 9/
Chapter 4: Ethical and Social Responsibility for Sustainable Marketing
Consumer Bill of Rights - a law that codified the ethics of exchange between buyers and sellers -right to safety (consumer product safety commission) -right to be informed (federal trade commission (FTC) -right to choose (slotting allowances (to stock new products) -right to be heard (do not call registry)
Code of Ethics: A formal statement of ethical principles and rules of conduct
Whistle-Blowers: Employees who report unethical or illegal actions of their employers
Moral Idealism: A personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome -one way or no way
Utilitarianism: A personal moral philosophy that focuses on the “greatest good for the greatest number” by assessing the costs and benefits of the consequences of ethical behavior -seperating into groups
Social Responsibility: The Idea that organizations are part of a larger society and are accountable for their actions
Profit Responisbility- -maximum profits for stockholders
Stakeholder Responsibility- -obligations to those who can aect achievement to company objectives
Societal Responsibility- -obligations to the environment and public
Cause marketing- When a company partners with a cause such as breast cancer
Social Audit- -consists of a systematic assessment
Sustainable Development- -involves conducting business in a way that protects the natural environment while making economic progress
“We as consumers should also be ethical”
Thursday 9/16- Chapter 5
Consumer Behavior -how do we buy stu, why do we -make 60% of new car buying decisions -influence 84% of decisions
-dissatisfied customers tell 9 people -Cognitive Dissonance- feeling of postpurchase psychological tension or anxiety consumers may experience when faced with two or more highloy attractive alternatives
Involvment -the personal, social, and economic significance of the purchase (high, limited, low)
Low Involovment -common products -maintain product quality -avoid stockouts -reduce cognitive dissonance with ads
High Involvment -consumers seek product info -use comparative ads -use personal selling
Situational Influences -five aspects of the purchase situation that impact the consumer’s purchase decision process 1) Purchase task 2) Social surroundings 3) Physical surroundings 4) Temporal Eects 5) Antecedent States
Perceived Risk -anxiety felt because the consumer cannot anticipate the outcomes of a purchase but believes that there may be negative consequences
Brand Loyalty -favorable attitude toward and consistent purchase of a single brand over time
Marketers Use Three Approaches to Change Attitudes
Lifestyle -a mode of living that is identified by how people spend their time and resources
VALS Survey -examines the intersection of psych, demographics and lifestyles
Opinion Leaders -individuals who exert direct or indirect social influence over others
Word of Mouth -involves the influencing of people during conversations
Consumer Socialization -process by which people acquire the skills, knowledge, and attitudes necessary
Family Life Cycle -consists of the distinct phases that a family progresses through their own purchase experience
Family Decision-making -Two-styles: -spouse-dominant -joint
Subcultures- the subgroups within the larger, or national, culture with unique values, ideas, and attitudes
Week 4 Intro to Marketing
Course: Introduction to Marketing (MKTG 400 )
University: Kansas State University
